DeSantis: Biden Administration Would Kill Bitcoin 

Joe Biden kicking a Bitcoin to death in front of the Whitehouse.
  • Bitcoin continues to surface in political conversations in the U.S.
  • Governor Ron DeSantis remains vocal about his support for the technology.
  • The presidential candidate believes that the present administration is opposed to Bitcoin.

As the United States 2024 presidential election draws closer, Bitcoin is increasingly becoming a hot-button issue among aspirants. 

Florida Governor Ron DeSantis is among those that have made the leading digital asset a focal point of his campaign. The Republican presidential hopeful recently reiterated his support for Bitcoin while claiming the current administration was out to eliminate it.

DeSantis Claims the Biden Administration Opposes Bitcoin

DeSantis kicked off his presidential campaign in a Twitter Space with Elon Musk moderated by Venture Capitalist David Sacks on Wednesday, May 24.

During the Space, DeSantis claimed that the President Joe Biden-led administration was against Bitcoin.

“The current regime, clearly, has it out for Bitcoin,” the candidate asserted. “And if it continues for another four years, they’ll probably end up killing it.”

According to DeSantis, the current administration was threatened by the cryptocurrency because they had no control over it, opining that the administration was attempting to suppress the nascent market with regulations.

On the other hand, the governor claimed to advocate for Bitcoin. 

"I think people should be able to do Bitcoin," DeSantis claimed. "As president, we'll protect the ability to do things like bitcoin."

DeSantis’ statements follow what many industry participants have likened to a tightening regulatory chokehold on the crypto industry in the U.S. in the wake of the FTX collapse

An Industry-Wide Crackdown

Agencies like the U.S. Securities and Exchange Commission ramped up crypto enforcement efforts in 2023 with actions against businesses like Gemini, Kraken, and Bittrex. At the same time, bank regulators, including the Federal Deposit Insurance Corporation, have issued informal guidance discouraging banks from serving crypto businesses.

The Biden administration has also called for harsh taxes on crypto miners while repeatedly placing crypto traders in the firing line in the ongoing debt ceiling negotiations with Republican lawmakers.

Mixed reactions have trailed DeSantis’ comments online as a cross-section of the crypto community remains skeptical of his intentions.

On the Flipside

  • DeSantis remains behind former President Donald Trump in Republican polls.
  • Candidates like Robert F. Kennedy Jr. and Vivek Ramaswamy have also expressed vocal support for crypto.
  • Members of the crypto community have to be careful not to be swayed by promises without verifying the record of prospective presidential candidates. 

Why This Matters

With the current state of crypto regulations in the U.S. driving businesses abroad, a crypto-friendly administration could stem the tide. 

Read this to learn more about DeSantis’ claimed support for Bitcoin and opposition to CBDCs: 

DeSantis & Kennedy Jr. United in Opposition to CBDCs

Stay up to date on the latest happenings in the Coinbase case against the SEC, seeking clarity on how digital asset securities are classified:

Coinbase Defiant in SEC Lawsuit, Demands Court Intervention

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.